http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Tue, 24 Jul 2018 03:38:33 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Millennium Minerals updates Redbeard gold ore reserve, mining to start this month ]]> http://www.proactiveinvestors.com.au/companies/news/199995/millennium-minerals-updates-redbeard-gold-ore-reserve-mining-to-start-this-month-199995.html Millennium Minerals Ltd (ASX:MOY) has upgraded the probable ore reserve for Redbeard open pit oxide deposit within its Nullagine project area, prior to the start of mining later this month.

Redbeard’s reserve is now 153,000 tonnes at 3.5 g/t gold for 17,200 ounces, representing a resource-to-reserve conversion rate of around 76%.

Recent drilling at the Golden Gate Mining Centre, adjacent to Redbeard, has also highlighted the potential for the area to be re-established as a high-grade oxide mining centre.

Golden Gate was last mined in 2014, producing 55,952 ounces at an average grade of 2.58 g/t gold.

Focus now on deeper drilling at Redbeard

Redbeard is expected to contribute to strong production growth for Millennium in the second half of 2018 as it aims for an annual production rate of 100,000 ounces.

The company has begun to assess Redbeard’s underground potential on an 80 metre by 80 metre spaced pattern, around 130 metres beneath the surface.

READ: Millennium Minerals targets gold production of up to 80,000 ounces at Nullagine in 2018

Millennium chief executive Peter Cash said the latest results demonstrated the strong potential to develop the adjacent deposits as a major new production hub at Nullagine.

“These are very pleasing results that confirm there’s still plenty of high-grade gold yet to be discovered at Nullagine,” he said.

“Given that we only completed the first ever drill hole at Redbeard last November, we are delighted that this has now been confirmed as the highest-grade open pit deposit delineated at Nullagine to date.”

Positive exploration results from Golden Gate

Highlighted results from the Goshawk prospect at Golden Gate include 3 metres at 7.51 g/t gold from 53 metres, including 2 metres at 10.13 g/t; and 4 metres at 4.34 g/t from 36 metres including 1 metre at 10.75 g/t.

Results from the centre’s other three prospects include 2 metres at 3.41 g/t from 5 metres; 6 metres at 1.59 g/t from 25 metres; and 3 metres at 3.49 g/t from 6 metres, including 1 metre at 6.78 g/t.

Interpretation of these results is underway with the aim of establishing follow-up drilling programs.

Cash said: “The receipt of further positive exploration results from the Golden Gate Mining Centre … indicates the opportunity to potentially re-establish mining operations within this historical high-grade mining centre.

“Our focus will now be on completing maiden resource estimates for these new targets.”

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Tue, 03 Jul 2018 15:05:00 +1000 http://www.proactiveinvestors.com.au/companies/news/199995/millennium-minerals-updates-redbeard-gold-ore-reserve-mining-to-start-this-month-199995.html
<![CDATA[News - Millennium Minerals targets gold production of up to 80,000 ounces at Nullagine in 2018 ]]> http://www.proactiveinvestors.com.au/companies/news/193415/millennium-minerals-targets-gold-production-of-up-to-80000-ounces-at-nullagine-in-2018-193415.html Millennium Minerals Ltd’s (ASX:MOY) expects to achieve gold production in a range between 75,000 ounces and 80,000 ounces in 2018.

Further to this, the group anticipates that its Nullagine Gold Project in Western Australia will be producing at a run rate of 100,000 ounces per annum in 2019.

Mining resumes at Golden Eagle

The production update incorporates a resumption of mining at the flagship Golden Eagle Mining Centre, the largest and most important gold deposit at Nullagine.

This is consistent with the company’s strategic focus on transitioning to mining larger and more sustainable ore sources.

Chief executive officer Peter Cash said: “Returning to mining operations at Golden Eagle is a significant milestone for the company.

“This is our flagship, 320,000-ounce deposit at Nullagine, and provides us with an opportunity to establish a large, consistent and reliable ore source that will help drive our growth over the next few years.”

Lower costs support robust margins

Management expects that this will provide it with the potential to reduce its cost base and unlock operational efficiencies.

Production costs of about US$1,300 per ounce are expected in 2018.

This leaves a reasonable margin given that the Australian dollar spot price is $1,700 per ounce.

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Thu, 22 Mar 2018 03:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193415/millennium-minerals-targets-gold-production-of-up-to-80000-ounces-at-nullagine-in-2018-193415.html
<![CDATA[News - Millennium Minerals delivers high grade gold at Nullagine ]]> http://www.proactiveinvestors.com.au/companies/news/189912/millennium-minerals-delivers-high-grade-gold-at-nullagine-189912.html Millennium Minerals Ltd’s (ASX:MOY) release of a Maiden Ore Reserve of 270,000 tonnes at 4.5 g/t gold for 39,000 ounces has provided increased certainty around its Nullagine Gold Project in Western Australia.

The total resource now comprises 627,300 tonnes grading 4.9 g/t gold for 97,900 ounces of contained gold.

The indicated category of the resource is now 407,400 tonnes grading 5.6 g/t for 72,900 ounces, up more than 600% from the 10,100 ounces estimate in August 2017.

This is an important development given that the company’s focus is on mining larger, longer term or sources.

Feasibility study to be completed in March quarter

The fast-tracked feasibility study for the underground part of the project is on track to be completed this quarter.

An updated Mineral Resource and Maiden Ore Reserve will provide key data for this study.

The completion of this study will allow Millennium to make a decision to proceed with the underground development.

Mining is scheduled to potentially commence by the end of this quarter.

Production of circa 20,000 ounces expected in March quarter

Mining from the open pit area of the operation will continue in 2018 with the company having produced 21,400 ounces of gold in the December quarter of 2017.

Production for the quarter is expected to be in a range between 18,000 ounces and 20,000 ounces, up on the March quarter 2017 production of 16,543 ounces.

Updated production guidance for calendar year 2018 will be provided as part of the company’s December 2017 quarterly report, due for release later in January 6.

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Fri, 12 Jan 2018 14:19:00 +1100 http://www.proactiveinvestors.com.au/companies/news/189912/millennium-minerals-delivers-high-grade-gold-at-nullagine-189912.html
<![CDATA[News - Millennium Minerals reveals positive scoping results for Nullagine Gold ]]> http://www.proactiveinvestors.com.au/companies/news/183642/millennium-minerals-reveals-positive-scoping-results-for-nullagine-gold-183642.html Millennium Minerals Ltd. (ASX:MOY) has completed a positive scoping study of the Bartons Underground development at its Nullagine Gold Project in Western Australia.

The results support Millennium’s strategy to increase Nullagine production and mine life based on more than 850,000 ounces of gold resource.

Based on the positive study results, the company has commenced a drilling program to upgrade the inferred resource to indicated status.

The proposed 17-hole program will test circa 420 metres of strike to a maximum depth of circa 240 metres vertically below surface, and is expected to take around six weeks to complete.

Results from this drilling will underpin and allow the completion of a fast-tracked feasibility study for the Bartons Underground, with the intention of commencing underground development in Q1 2018.

This represents the first proposed underground mining operation at the Nullagine Project.

Once the initial development is in place, Millennium will then look to drill out additional resource areas using underground diamond drill rigs.

This is expected to generate significant cost savings compared with drilling from surface.

The activities to further assess the recent high-grade intercepts at Bartons are progressing well, with a twin hole underway and a drill hole electro-magnetic survey to commence shortly.

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Fri, 08 Sep 2017 12:58:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183642/millennium-minerals-reveals-positive-scoping-results-for-nullagine-gold-183642.html
<![CDATA[News - Millennium Minerals drilling reveals potential to grow Nullagine gold ]]> http://www.proactiveinvestors.com.au/companies/news/177681/millennium-minerals-drilling-reveals-potential-to-grow-nullagine-gold-177681.html Millennium Minerals (ASX:MOY) has received outstanding drilling results highlighting the potential to grow the production rate and increase the mine life at the Nullagine Gold Project in Pilbara.

The high-grade results include intercepts of up to 36 g/t gold, many of which lie immediately below the Bartons pit, indicating that the material could be accessed via a cutback.

It is worth noting that Millennium generated a free operating cash-flow of $3.9 million in the March 2017 quarter after producing 16,543 ounces of gold.

The latest drilling has returned numerous wide, high-grade intersections including:

- 16 metres at 5.91 g/t gold from 115 metres; and
- 8 metres at 11.56 g/t gold from 87 metres.

In light of these results, Millennium has commenced further drilling at Bartons to extend known mineralisation and upgrade it into JORC resource classification.

The company will also continue to evaluate additional drilling programs below many of the 30 other deposits at Nullagine which remain open at depth.

Recent metallurgical test work has demonstrated the fresh ore at Bartons can be processed using the existing CIL plant at Nullagine with +90% recoveries.

In addition to ongoing work at Bartons, conceptual underground studies have also been initiated for the Golden Gate, Shearers, and Little Wonder deposits.

This work is contributing to the broader goal of assessing the economic viability of treating fresh ore sources requiring floatation through a 500,000 tonne-a-year bulk sulphide floatation circuit.

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Fri, 12 May 2017 08:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177681/millennium-minerals-drilling-reveals-potential-to-grow-nullagine-gold-177681.html
<![CDATA[News - Millennium Minerals appoints Peter Cash as chief executive officer ]]> http://www.proactiveinvestors.com.au/companies/news/175017/millennium-minerals-appoints-peter-cash-as-chief-executive-officer-175017.html Millennium Minerals (ASX:MOY) successful turnaround in recent years has been dramatic, with the gold entering the All Ordinaries Index on the most recent S&P Quarterly Rebalance.

The company has now moved to appoint Peter Cash as chief executive officer, effective immediately.

Cash replaces Glenn Dovaston who has resigned after over two years.

Cash follows the recent appointments of Greg Bittar as chairman and Peter Lester as a non-executive director.

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Mon, 20 Mar 2017 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175017/millennium-minerals-appoints-peter-cash-as-chief-executive-officer-175017.html
<![CDATA[News - Millennium Minerals on-track to be debt free after A$21M raise ]]> http://www.proactiveinvestors.com.au/companies/news/155132/millennium-minerals-on-track-to-be-debt-free-after-a21m-raise-66090.html Gold-producer Millennium Minerals (ASX:MOY) financial restructure continues to gain momentum, with the company completing a A$21 million capital raising - which is quite impressive in the current commodity markets.

The raising was conducted at $0.04 through a Share Participation Offer, and strong demand from investors meant that the sub-underwriters only had to take up $3.3 million of shares under its commitment.

The company is producing gold from its Nullagine Gold Project in the Pilbara region of Western Australia.

During the September quarter record production of 27,238 gold ounces was achieved, taking production for the past nine months to 68,959 gold ounces.

All-in Sustaining Cost (AISC) for the quarter was $1020 an ounce ($956 an ounce before payment of profit-share royalty).


Allocation of funds

Millennium has a set plan, with the new funds to retire Millennium’s sub-ordinated debt, and then the company will eliminate the remainder of its bank debt using internally generated cash-flow by March next year.

Therefore the company is positioned to be debt free by March 2016.


Exploration

The new funds will also provide backing a major exploration program already underway at Nullagine, which will target an increase to the projects mine life.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 10 Dec 2015 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155132/millennium-minerals-on-track-to-be-debt-free-after-a21m-raise-66090.html
<![CDATA[News - Millennium Minerals locks in $21M as gold growth plans unfold ]]> http://www.proactiveinvestors.com.au/companies/news/155130/millennium-minerals-locks-in-21m-as-gold-growth-plans-unfold-66001.html Millennium Minerals (ASX:MOY) in on track to complete a A$21 million share offer with $17.7 million already received via valid acceptances by existing investors for about 442 million shares.

The balance of the fundraiser – priced at A$0.04 – will be taken up by sub-underwriting commitments from Millennium’s contractors, directors management and major shareholder, the IMC Group.

The funds raised will be used to retire debt and unlock the value of Millennium’s flagship Nullagine gold project in Western Australia through a major exploration effort.

This program has been designed to extend mine life through the growth of resources and reserves, which stand at 1.2 million ounces of gold and 187,800 ounces of gold, respectively.

Drilling last week at Nullagine demonstrated potential to expand this inventory with assays of up to 20 g/t gold received from the first of three near-mine targets being drilled as part of a $10 million exploration plan.

Nullagine marked a record gold production rate during the three months to September at 27,238 ounces of gold.

This represented a 26% improvement on output during the prior quarter.

Expansion potential for the operation is supported by the presence of extensive infrastructure at the site, including a 140-man camp, open pit mines and a near-new 1.5-million-tonnes-per-annum process plant.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 04 Dec 2015 14:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155130/millennium-minerals-locks-in-21m-as-gold-growth-plans-unfold-66001.html
<![CDATA[News - Millennium Minerals targets cash injection ]]> http://www.proactiveinvestors.com.au/companies/news/155128/millennium-minerals-targets-cash-injection-65038.html Gold-producer Millennium Minerals (ASX:MOY) is preparing to reveal details of a material capital raising, with the ASX granting the company a trading halt to do so.

The company's flagship Nullagine Gold Project is located 185 kilometres north of Newman in Western Australia's Pilbara region.

2015 production guidance is 80,000 oz-83,000 oz at AISC of $1200/oz-$1250/oz.

The halt will remain in place until the opening of trade on Wednesday 14th October 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 13 Oct 2015 07:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155128/millennium-minerals-targets-cash-injection-65038.html
<![CDATA[News - Millennium Minerals flies with firmer grip on a newly honed gold mine ]]> http://www.proactiveinvestors.com.au/companies/news/155126/millennium-minerals-flies-with-firmer-grip-on-a-newly-honed-gold-mine-64767.html Millennium Minerals (ASX:MOY) shares were trading 17% higher today after the company formally consolidated control over its recently optimised Nullagine gold operations in Western Australia.

Stock in Millennium was last trading at A$0.075 after improvements at Nullagine spurred a mid-year surge from pricing of around $0.02 per share to a range consistently above $0.06 in recent weeks.

Today’s spike follows completion of a move flagged by Millennium earlier in the month to acquire its joint venture partner’s interest in Nullagine.

The acquisition is expected to be earnings accretive to Millennium and will remove the administrative overhead associated with managing a JV. It also simplifies the ownership structure of the project, bringing it into line with Millennium’s 100% ownership of other tenements at the 640-square-kilometre Nullagine site.

The transaction reflects another sign of Millennium’s improved confidence at Nullagine following a revised guidance statement last month that called for an 11% increase in annual gold production of 80,000-83,000 ounces.

The August guidance change also included a 6% reduction in all-in sustaining costs to $1,200-$1,250 per ounce and sparked a dramatic upswing in the company’s share value.

The cost reductions were a result of both improved mill throughput and a number of cost saving measures implemented since the start of the yea. These optimisations have so far delivered more than $12 million in annualised savings.  

The improved financial metrics underpinned the more robust production forecasts, enabling Millennium to maximise cash flow and hence reduce its senior debt rapidly.

At the end of the half-year period to June, the company reported an after-tax profit of $2 million, inclusive of unrealised loss on gold forward contracts of $2.6 million and depreciation and amortisation charges of $6.2 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 25 Sep 2015 14:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155126/millennium-minerals-flies-with-firmer-grip-on-a-newly-honed-gold-mine-64767.html
<![CDATA[News - Millennium Minerals shines in turnaround, posts record gold sales ]]> http://www.proactiveinvestors.com.au/companies/news/155123/millennium-minerals-shines-in-turnaround-posts-record-gold-sales-63662.html Millennium Minerals (ASX:MOY) has continued its turnaround, posting record gold sales and generating net cash flows of A$5 million for the June 2015 Quarter on record gold production of 21,664 ounces, 20% higher than guidance.

Importantly, it also made headway reducing debt.

Revenue for the quarter is also up 11% to A$33.5 million at an all-in sustaining cost (AISC) of A$1,254 per ounce.

This compares with AISC of A$1281 per ounce of gold in the March 2015 quarter, reflecting the company’s focus on costs while maintaining above-nameplate production performance.

The turnaround was due in part to record mill throughput which saw the plant running at a capacity equivalent to 1.9 million tonnes per annum (Mtpa) compared with its nameplate capacity of 1.5Mtpa.

Full-year 2015 production guidance remains unchanged at 72,000 to 75,000 ounces of gold at an AISC of between A$1,275 and A$1,325 per ounce.

Millennium has also started a full desktop review of potential high priority exploration (brownfield) targets in preparation for on-ground exploration activities.

As at 30th June 2015, the company held cash and bullion totalling A$3.3 million with 217.7 million shares on issue.

A total of $4 million was made in debt repayments on its Facility Agreement during the quarter, reducing its outstanding balance to A$11.2 million.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 27 Jul 2015 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155123/millennium-minerals-shines-in-turnaround-posts-record-gold-sales-63662.html
<![CDATA[News - Millennium Minerals director steps down ]]> http://www.proactiveinvestors.com.au/companies/news/155120/millennium-minerals-director-steps-down-59849.html Millennium Minerals (ASX:MOY) non-executive director Brian Rear has stepped down from the board with effect from 31 December 2014.

Earlier this month, he stepped down as managing director and chief executive officer after the company appointed veteran gold mining industry executive Glenn Dovaston as its chief executive officer.

In August, Rear had announced his decision to step down as managing director and chief executive officer of the company that he had led for a successful six year period.

This included its transition from an explorer to a producer with the construction of the Nullagine gold project, which was completed on time and on budget.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 31 Dec 2014 14:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155120/millennium-minerals-director-steps-down-59849.html
<![CDATA[News - Millennium Minerals appoints Glenn Dovaston as chief executive officer ]]> http://www.proactiveinvestors.com.au/companies/news/155118/millennium-minerals-appoints-glenn-dovaston-as-chief-executive-officer-59691.html Millennium Minerals (ASX:MOY) has appointed veteran gold mining industry executive Glenn Dovaston as its chief executive officer with immediate effect.
   
He has more than 25 years of experience in the mining industry, including an extensive track record in the gold industry.

Dovaston has worked for companies such as Barrick Gold Corporation, Agincourt Resources Limited, Sons of Gwalia Limited, New Hampton Goldfields Limited, Centaur Mining and Exploration Limited, North Ltd, Dominion Mining Limited, Xtrata plc, Resolute Mining Limited and Newcrest Mining Limited.

He has extensive mining operations experience and a well‐regarded track record in managing site operations, focusing on operational efficiency, continuous improvement, and delivering highly cost effective production safely.

Dovaston’s appointment follows the decision by current managing director Brian Rear to step down as its chief executive officer in August.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 18 Dec 2014 16:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155118/millennium-minerals-appoints-glenn-dovaston-as-chief-executive-officer-59691.html
<![CDATA[News - Millennium Minerals to present at Melbourne Investor Luncheon August ]]> http://www.proactiveinvestors.com.au/companies/news/155116/millennium-minerals-to-present-at-melbourne-investor-luncheon-august-56552.html Millennium Minerals (ASX:MOY) has produced 17,789 ounces of gold - the upper end of guidance - from its Nullagine Gold Project in Western Australia and provided guidance of 16,000 to 18,000 ounces for the quarter.

Gold sales of 17,793 ounces in the June 2014 quarter generated revenue of $27.7 million at $1,558 per ounce.

A restated Resource will be estimated in the current quarter based on results from drilling at the Au81 deposit in June. This will lead to a maiden Ore Reserve.

Proactive Investors has secured managing director Brian Rear to present the latest updates at the upcoming "Melbourne Investor Luncheon” in Melbourne on Tuesday 12th August 2014.

REGISTER HERE: SEATS  AND CATERING ARE STRICTLY LIMITED
  
For the 6 months to June 2014 gold revenue was on target from the sale of 36,718 ounces at an average realised price of $1,506 per ounce for $55.3 million.

During the quarter, $1.6 million in repayments were made against the company’s Senior Facility and $3.05 million for the 6 months to June 2014.

As at 30 June 2014, the company had repaid approximately 38% ($17.1 million) of the outstanding principal on this Senior Facility with $27.9 million outstanding requiring repayment by 30 June 2016.

Nullagine is expected to produce 76,000 ounces at C1 cash costs of $1,074 per ounce and a sustaining cash cost of $1,221 per ounce for the 2014 financial year.

Unit operating costs are forecast to decrease in future periods, due to planned reductions in total mining volumes required to maintain ore supply to the mill.

Continuous ore haulage was achieved from the higher grade ABC and D Reef deposits at Golden Gate allowing 120,398 tonnes of this material to be treated during the quarter, up 56% on the last quarter.

The processing plant performed well during the quarter with throughput rates averaging 200 tonnes per hour against nameplate capacity of 189 tonnes per hour.

Mill availability was 98% and utilisation of available time was 99% giving an overall run time of 97%, being higher than that experienced in the weather affected March quarter.

Average grade milled was higher than previous quarters at 1.58 grams per tonne gold – primarily due to a higher ratio of Golden Gate ore milled, and improved mining performance across operating pits.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 29 Jul 2014 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155116/millennium-minerals-to-present-at-melbourne-investor-luncheon-august-56552.html
<![CDATA[News - Millennium Minerals set to shine with rising gold price ]]> http://www.proactiveinvestors.com.au/companies/news/155114/millennium-minerals-set-to-shine-with-rising-gold-price-55742.html Millennium Minerals (ASX:MOY) may be set to attract market attention as a gold producer.

With a rising gold price these profits are set to continue upwards. Overnight the price of an ounce of gold soared to A$1400 an ounce (US$1320 an ounce).

Last reporting period, Millennium achieved a record quarter at Nullagine with production rising 33% on the last quarter to 18,762 ounces.

Notably, production was above its previous guidance of 16,000 to 18,000 ounces of gold due to the higher tonnage milled.

Sales of 18,925 ounces at an average gold price of A$1,458 per ounce generated revenue of $27.6 million at a sustaining cash cost of A$1,191 per ounce.

Mine level EBITDA was $7.16 million while mill throughput was 426,473 tonnes, 19% above 2013 quarterly average.

The company’s production guidance for the June 2014 quarter is between 16,000 and 18,000 ounces of gold and 76,000 ounces for the 2014 financial year.

The company also has a standout hedgebook with Millennium undertaking further hedging of 60,000 ounces to provide extended risk cover.

When combined with existing hedging, the new structure will be equivalent to about 70% of forecast production over the term of the Senior Facility and represent 26% of the contained gold in the company’s Ore Reserve.

The remaining hedge structure, prior to the additional hedging mentioned above, requires 60,236 ounces to be delivered by September 2015 at an average forward price of A$1,613 per ounce.

Cash and bullion on hand amounted to $8.9 million at 31st March, while the outstanding balance of the Senior Facility was $29.5 million.


Drilling Continues to Expand Resource

Recently, Millennium intersected further substantial gold zones at the Au81 deposit, located just 2 kilometres from its Nullagine gold processing facility.

Multiple intersections confirmed that the Au81 deposit main zone mineralisation extends over 180 metres of strike, and remains open.

Intersections were broad and shallow with high grade cores. Significant gold intercepts included:

- 22 metres at 3.64 g/t gold from surface, including 3 metres at 17g/t from 4 metres;
- 15 metres at 4.60 g/t from 24  metres, including 9 metres at 6.62 g/t from 24 metres;
- 5 metres at 11 g/t from 6 metres, including 2 metres at 24 g/t from 6 metres;
- 11 metres at 4.17 g/t gold from 13 metres, including 1 metre at 28 g/t from 19 metres.

And, these assays were amongst numerous other significant intercepts.

Drilling was designed to upgrade the maiden 2013 Inferred Resource estimate to the higher confidence Measured and Indicated categories, and based on these results, a restated Mineral Resource will be estimated shortly.

It also appeared that there may be multiple, stacked gold lenses, and more drilling is being planned to evaluate these further.


Analysis

With the improving gold price, increasing production, clever hedging, a small market cap, manageable debt levels, and surging profits - Millennium could be on the cusp of a re-rating.

Further gold price increases should have a marked positive effect on Millennium's share price.

 

Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 Jun 2014 09:17:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155114/millennium-minerals-set-to-shine-with-rising-gold-price-55742.html
<![CDATA[News - Millennium Minerals appoints Michael Chye as non-executive director ]]> http://www.proactiveinvestors.com.au/companies/news/155112/millennium-minerals-appoints-michael-chye-as-non-executive-director-55347.html Millennium Minerals (ASX: MOY) has appointed Michael Chye as a non-executive director, replacing John Morton who stepped down.

Chye is the managing director of Singapore-based private equity firm IMC Investments Group and Head of Group Corporate Office of the IMC Pan Asia Alliance Group.

He also a non-Executive Director of Heritas Capital Management, which is the investment manager of multiple private equity funds which include specialist funds in mining and metals and oil and gas sectors.

Chye has more than 25 years’ experience in finance and investments.

“I am delighted to welcome Michael to the Company’s board of directors. He brings extensive skills to the board including significant experience in corporate strategy and finance,” Millennium chairman Richard Procter said.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 30 May 2014 18:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155112/millennium-minerals-appoints-michael-chye-as-non-executive-director-55347.html
<![CDATA[News - Millennium Minerals updates Nullagine Gold Project life-of-mine plan ]]> http://www.proactiveinvestors.com.au/companies/news/155110/millennium-minerals-updates-nullagine-gold-project-life-of-mine-plan-53778.html Millennium Minerals (ASX: MOY) has updated the life-of-mine plan for its Nullagine Gold Project in Western Australia’s Pilbara region based on the Ore Reserve update earlier this month.

Mining inventory included in the LOM now stands at 481,000 ounces of gold with mining expected to recover 426,000 ounces.

The inventory includes the Ore Reserve of 465,000 contained ounces, treatment of medium grade stockpiles and some Inferred Resources likely to be mined.

Mining and processing is forecast at 9.8 million tonnes averaging 1.52 grams per tonne gold to recover the 426,000 ounces, at an average metallurgical recovery of 89%.

Mill output is expected to be higher at 1.6 million tonnes per year.

LOM mine level cash flow is forecast at $171 million using a spot gold price of US$1350/Oz, an exchange rate of $US0.90:A$1.00 and average hedged gold price of A$1594/Oz (for 72,000 ounces).

Project before tax, pre‐debt, NPV is estimated at $144 million while average LOM sustaining cash costs are about A$1,160/Oz.

This translates to an average LOM gross operating margin of A$527/Oz.

FY2014 production is estimated at approximately 76,000 ounces at a C1 cash cost of A$975/Oz and a sustaining cash cost of A$1140/Oz.

Nullagine consists of five main deposit areas; Golden Eagle, All Nations, Barton, Golden Gate and Shearers. Smaller higher grade deposits surrounding the Golden Gate area; Crow, G‐Reef, Harrier, Falcon and Condor are also included in this study.

The updated mining schedule also includes the Little Wonder, Otways deposits and the Camel Creek Joint Venture deposits.

Millennium noted the new LOM plan offers greater flexibility due to the recent establishment of multiple ore sources and associated mining operations.

From 2014 mining and process operations have available oxidised, transition and fresh ore from the Golden Eagle deposit, higher grade oxidised ore at Golden Gate and substantial medium grade stockpiles located at the process plant.

Improved blending of these materials should allow more uniform head grades, gold recovery and mill throughput over the currently planned life of the Project.

In addition, the remaining deposits included in the mining schedule yet to be developed will largely add oxidised and transition ore types to the mining and milling plan so the proportion of fresh ore included in the mill feed blend will progressively decrease from around 50% in 2014 ‐ 2015, to below 30% for the remaining LOM plan.

The company added that the current mine life of six years is more than adequate as a reserve base to allow for the future development of additional Ore Reserves from the reported 1.9 million ounce Resource inventory.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 19 Mar 2014 16:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155110/millennium-minerals-updates-nullagine-gold-project-life-of-mine-plan-53778.html
<![CDATA[News - Millennium Minerals updates Ore Reserve for Nullagine Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/155108/millennium-minerals-updates-ore-reserve-for-nullagine-gold-project-53544.html Millennium Minerals (ASX: MOY) has updated Ore Reserves for its Nullagine Gold Project in Western Australia’s Pilbara region to 8.7 million tonnes at 1.7 grams per tonne gold, or 464,000 ounces of contained gold.

While Ore Reserves increased at several deposits, this represents a net decrease due to mining depletion and use of a lower gold price.

However, this figure could be upgraded at the end of 2014 after completion of infill drilling and Ore Reserve estimation for the Beatons Creek joint venture and Au81 deposits.

The updated mining schedule and Life of Mine model will be based on the new Ore Reserves.

Millennium had in November released an updated Resource of 47.1Mt at 1.26g/t for 1,912,800 ounces of contained gold.

Ore Reserves

The estimates for all of the company’s gold deposits in the Eastern Pilbra District have been updated.

This was made with after new data was gathered from substantial reverse circulation drilling during 2013 and incorporates new Mineral Resource estimates for All Nations, Golden Gate (ABC and D Reef), Condor, Crow, G Reef, and the Camel Creek Joint Venture deposits of Roscoes Reward, Junction and Little Wonder East & West.

Increased Resources flowed through into a combined 36,700 ounce increase in the Ore Reserves at the high grade Golden Gate (ABC and D), Condor, Crow, Harrier, and G Reef deposits.

Adding to the Reserve was the initial estimate for the CCJV deposits totalling 48,300 ounces of gold, half of which is held by Millennium.

Mining Depletion

This was offset by mining depletion at Golden Eagle and Golden Gate; a reduction in the assumed gold selling price from A$1,500/ounce to A$1,400/oz; and updated mining costs, pit wall angles and recoveries based on current operational parameters and increased geotechnical understanding.

Independent consultants Auralia Mining Consulting have estimated depletion by calculating the volume of material removed and applying appropriate density and grade values to the depleted blocks.

Corporate

Millennium achieved a maiden unaudited after tax profit of $31.8 million for the twelve month period ended 31 December 2013 on total gold sales of 63,446 ounces.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 10 Mar 2014 17:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155108/millennium-minerals-updates-ore-reserve-for-nullagine-gold-project-53544.html
<![CDATA[News - Millennium Minerals amends debt repayment schedule ]]> http://www.proactiveinvestors.com.au/companies/news/155106/millennium-minerals-amends-debt-repayment-schedule-51527.html Millennium Minerals (ASX: MOY) has agreed with its financiers on a new schedule for the December 2013 principal payment to better match with the Golden Gate ore mining campaigns in December 2013 and January 2014.

The company will repay $3 million in principal and interest as of 31 December 2013 and repay the balance of accrued interest and principal by 31 March 2014.

They have also agreed to put in place additional hedging for the January 2014 to June 2014 period of about 10,000 ounces, which when combined with the existing hedge structure is equivalent to 65% of forecast production for that period.

Nullagine Project

Millennium had started treating in mid-December 2013, higher grade ore from the Golden Gate deposit at its Nullagine Project in Western Australia after a delay in receiving the required road usage permit.

A second treatment campaign is expected to begin in the third week of January 2014.

The delay led the company to revise its year-end 2013 production guidance to about 64,000 ounces from the previous estimate of 68,000 to 70,000 ounces of gold.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 02 Jan 2014 09:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155106/millennium-minerals-amends-debt-repayment-schedule-51527.html
<![CDATA[News - Millennium Minerals revises production guidance for Nullagine Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/155104/millennium-minerals-revises-production-guidance-for-nullagine-gold-project-51075.html Millennium Minerals (ASX: MOY) expects year end gold production from its Nullagine Project in Western Australia to Total about 64,000 ounces.

This due to continuing delays in road usage permitting that further delayed the start of processing of Golden Gate ore.

The new estimate is down from previous estimates of 68,000 to 70,000 ounces of gold.

Although the delay will not impact the tonnage of higher grade Golden Gate material planned to be campaigned, processing will extend further into January 2014 than previously foreshadowed.

The Company will now run two ore treatment campaigns, one commencing around the 17 December 2013 and one commencing mid‐January 2014.

Gold sale receipts from the December Golden Gate campaign will largely accrue in early January 2014.

Total operating expenditure remains unchanged but as a result of the lower production attributable to the 2013 financial year the total sustaining cash costs will average approximately $1,075 per ounce produced (previously $964 per ounce) for FY2013.

Millennium is currently in discussions with its financiers to agree a debt repayment schedule that will align with the amended timing of the two Golden Gate treatment campaigns, given that the current repayment schedule is matched with the previously budgeted earlier commencement of the Golden Gate campaign in the December 2013 quarter.

Nullagine Project

The company last month upgraded Nullagine Resources by 44% to 1,913,000 ounces while increasing the overall project grade by 6% to 1.26 grams per tonne gold.

Further growth is likely given that several existing deposits could yield additional resources while a number of new prospects will be drilled soon.

In addition, the company is preparing a new Project Ore Reserve for release this quarter.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 11 Dec 2013 17:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155104/millennium-minerals-revises-production-guidance-for-nullagine-gold-project-51075.html
<![CDATA[News - Millennium Minerals updates on hauling higher grade gold ore from Golden Gate ]]> http://www.proactiveinvestors.com.au/companies/news/155102/millennium-minerals-updates-on-hauling-higher-grade-gold-ore-from-golden-gate-50432.html Millennium Minerals (ASX: MOY) has reported that it has "met with unexpected delays in obtaining the appropriate road usage permitting for the Golden Gate deposit in Western Australia’s Pilbara region".

While this has restricted the rate of haulage from Golden Gate and hence delayed treatment of the higher grade ore, it is not expected to affect the overall tonnage of the higher grade material from this deposit, planned in the short term.

The company has trimmed its year end production guidance to between 68,000 ounces and 70,000 ounces of gold from the previous estimate of about 73,000 ounces as it now expects to mine and process a higher proportion of lower grade ore from the Golden Eagle deposit than planned.

However, cost guidance remains as advised.

Processing of this ore may instead extend into the first week of January 2014, which will result in some of this gold production reporting into next quarter’s output.

The variability of the lower ore grades at Golden Eagle, experienced in September and October is currently being investigated.

Millennium had recently upgraded resources at the Nullagine Gold Project by 44% to 1,913,000 ounces and has flagged that further growth is likely given that several existing deposits could yield additional resources while a number of new prospects will be drilled soon.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 21 Nov 2013 15:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155102/millennium-minerals-updates-on-hauling-higher-grade-gold-ore-from-golden-gate-50432.html
<![CDATA[News - Millennium Minerals hits gold grading up to 32g/t at Nullagine Project ]]> http://www.proactiveinvestors.com.au/companies/news/155100/millennium-minerals-hits-gold-grading-up-to-32gt-at-nullagine-project-46668.html Millennium Minerals (ASX:MOY) has hit significant gold grading up to 32g/t from drilling the Au81 and Golden Eagle deposits, just 2 kilometres from the Golden Eagle processing facility in the East Pilbara owned by Millennium.

Nullagine already has a 1.30 million ounce gold Mineral Resource and 712,800 ounce Ore Reserve contained within 7 deposits on granted mining leases.  Today's drill results have the potential to form the next deposit at the project and increase resources.

Brian Rear, Milennium's chief executive officer, told Proactive Investors the results were part of the company's “within the headframe” strategy of developing resources on or near its existing deposits.

The results were from 2013 RC drilling at Nullagine Gold Project, where a combined total of 51 Reverse Circulation holes for 5,060 metres were recently completed at the Au81 prospect and Golden Eagle deposit.

Today's results included 22 metres at 12.0 g/t gold from 14 metres, including 5 metres at 32g/t Au from 21 metres in hole ARC0189 (Au81).

This wasn't alone as other intercepts were also impressive:

- 37m at 6.15 g/t Au from 17m, including 7m at 12g/t Au from 18m in hole ARC0186 (Au81)
- 16m at 4.91 g/t Au from 22m, including 2m at 17g/t Au from 31m in hole ARC0187 (Au81)

The AU81 prospect is located 2 kilometres to the east of the fully operational 1.5 Mt per annum CIL gold processing facility at Golden Eagle.

The results demonstrate good potential to form an economic deposit with further drilling.

Golden Eagle drill results

Best gold intercepts include:
- 10m at 2.40 g/t Au from 116m in hole GEX159 (Golden Eagle);
- 8m at 2.53 g/t Au from 129m in hole GEX159 (Golden Eagle);
- 9m at 2.48 g/t Au from 93m in hole GEX134 (Golden Eagle);

Results in more detail

At Au81, the results confirm the Main Zone high grade shoot, with core gold grades of half to one ounce per tonne. The results validate historical intersections, confirm dips and & highlight grades.

New intersections prove continuity of Golden Eagle deposit footwall & main zone mineralisation at depth and show upside potential to expanded Resources & Reserves.

AU81 PROSPECT

The purchase of the Au81 prospect and granted Mining Lease M46/138 was announced in May 2012.

Although significant historical drilling is present, no previous JORC compliant Resource or Reserve estimates have been completed due to the lack of QAQC & density data and the late 80’s age of the previous drilling data. There was also some uncertainty in the positional accuracy of the previous holes.

Key objectives of the recent drilling were to test and confirm the lower confidence historical drilling, and to establish the potential for JORC compliant Resource and Reserve estimates.

Although significant historical drilling is present, no previous JORC compliant Resource or Reserve estimates have been completed due to the lack of QAQC & density data and the late 80’s age of the previous drilling data. There was also some uncertainty in the positional accuracy of the previous holes.

Key objectives of the recent drilling were to test and confirm the lower confidence historical drilling, and to establish the potential for JORC compliant Resource and Reserve estimates.

Since the previous Resource & Reserve estimates were completed, an additional 33 RC holes for 3,982m have recently been drilled at Golden Eagle. Final fire assay results have now been received from ALS in Perth for all holes.

The Golden Eagle pit has now been in operation since March 2012, and ore from the deposit has been feeding the adjacent processing facility since commissioning in August 2012.

Both of these areas also have good potential to deepen the adjacent pit designs with further drilling, with the effect of increasing the Resource & Reserve ounces and tonnes. Accordingly, a 500 metre follow up programme is being designed to further test these two areas.

 

Analysis

The new intersections prove continuity of Golden Eagle deposit footwall & main zone mineralisation at depth, and provide upside potential to expand the Resources & Reserves already defined.

They also demonstrate the potential to form the next deposit at Millennium’s Nullagine Project.

The now fully operational gold process plant has a capacity of 1.5 Mtpa and at forecast head grade of 1.7 g/t Au is targeted to produce 78,000 ounces gold annually. 

The gross operating margin (AUD/ounce poured) was A$804 for the 6 months to 30th June 2013.  This produced an unaudited after tax profit of A$34.2 million for the 6 months ended 30th June 2013.

The headline after tax profit figure includes an unrealised derivative gain of $21.2 million related to the company’s hedge book.

That Millennium is undervalued based on its earnings and margin metrics is axiomatic in a market undervaluing many gold stocks.  However, Millennium has demonstrated it can earn significant profits at robust operating margins at current gold prices.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 13 Aug 2013 11:05:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155100/millennium-minerals-hits-gold-grading-up-to-32gt-at-nullagine-project-46668.html
<![CDATA[News - Millennium Minerals receives approval to consolidate share capital ]]> http://www.proactiveinvestors.com.au/companies/news/155098/millennium-minerals-receives-approval-to-consolidate-share-capital-45932.html Millennium Minerals (ASX: MOY) has received the nod from shareholders to consolidate its share capital, after a show of hands passed the resolution at the general meeting held on the 23rd July 2013.

The 1 for 22 share consolidation will reduce the number of shares on issue to about 198 million shares, and was a logical step for the company following the transition to producer from explorer.

Millennium poured its first gold in September 2012 from the Nullagine Gold Project, and since then the company has continued to ramp-up production.

During the June quarter 2013 Millennium generated EBITDA of $12.1 million from gold production, with C1 unit cash costs coming in below budget for the period at $761 per fine ounce poured, 9% lower than the March quarter ($826 per ounce).

The sustaining operating costs for the period were $938 per ounce (which includes site cash costs, royalties, corporate expenses and site sustaining capital).

Importantly Nullagine achieved budgeted gold output for the quarter producing 16,441 fine ounces of gold in line with the budget of 16,661 ounces from 19,704 ounces doré. Milled ore tonnage was 373,449 tonnes, up 8% from the previous quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 25 Jul 2013 08:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155098/millennium-minerals-receives-approval-to-consolidate-share-capital-45932.html
<![CDATA[News - Millennium Minerals' gold production climbs at Nullagine Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/155097/millennium-minerals-gold-production-climbs-at-nullagine-gold-project-42198.html Millennium Minerals' (ASX: MOY) has delivered an unaudited EBITDA of $10.1 million for the March quarter 2013, on the back of gold production from the company's Nullagine Gold Project in Western Australia.

The $10.1 million also excludes the positive hedge book valuation adjustments, which is “In the money” and valued at $26 million, based on A$1,320 an ounce spot price.

Gold poured was up 43% over the previous quarter, totalling 17,089 fine ounces fine gold against a base case forecast of 17,273 ounces fine gold.

Importantly the total unit costs including both royalties and a $281 per ounce non-cash amortisation and depreciation charge were $1,139 per ounce (C1 unit cash costs were well contained for the quarter at $826 per ounce poured against a base case forecast of $829 per ounce poured).

Millennium's gold sales for the period were 15,729 ounces at an average price of AUD$1,610/oz, and the company has a cash and gold bullion holding at 31 March was $11.1 million.

Proceeds from gold sales amounted to $25.3 million, up 31%. Another plus for the company was that all obligations under the debt facilities were met with a $1 million repayment during the quarter.


Strong quarter

Millennium said that the outstanding March performance brought quarterly results to forecast levels after February’s output was affected by Cyclone Rusty.


Forward Guidance

Millennium added that the base case production planning for FY2013 is indicating an operating forecast at design throughput rates of 1.5 million tonnes milled to yield 78,000 ounces.

The production plan indicates higher gold output in the second half arising from commencement of mining at the higher grade Golden Gate deposits.

Processing of this higher grade ore is scheduled for the December quarter. Projected C1 unit operating costs are forecast at $829 per ounce and $881 per ounce after providing for royalties.

As a guide total cash costs including royalties and corporate overheads, before sustaining capital, depreciation and amortisation and exploration are estimated at $937 per ounce produced.

Upper production guidance (83,000 ounces) at nameplate reflects slightly higher grades mined. C1 unit costs under this case would be approximately $785 per ounce or $44 per ounce lower than expected costs under the base case plan.

The company expects gold production for the June quarter 2013 to be between 16,000 ounces and 18,000 ounces in line with the base case forecast.


Expansion

The increase in Ore Reserve allows the Company to now study various production scale options. These options relate to assessing the feasibility of higher throughput rates, in the order of 1.7Mtpa to 2.5 Mtpa, to achieve minimum annual production rates of 90,000 ounces and possibly above 100,000 ounces gold over the current life of mine at a slightly lower head grade.

Analysis

Millennium is a profitable gold producer and the total unit costs of $1,139 per ounce including both royalties and a $281 per ounce non-cash amortisation and depreciation charge.

The company is also well-positioned to ride out the current volatility in the gold price, and has an “In the money” hedge book valued at $26 million (mark to market at a gold spot price of A$1,320/oz).

Millennium is also in a position to reduce costs per ounce, and on the upper production guidance of 83,000 ounces at nameplate reflects slightly higher grades mined, the  C1 unit costs under this case would be around $785 per ounce or $44 per ounce lower than expected costs under the base case plan - which has the potential to increase profitability.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 18 Apr 2013 14:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155097/millennium-minerals-gold-production-climbs-at-nullagine-gold-project-42198.html
<![CDATA[News - Millennium Minerals draws closer to first gold pour from Nullagine ]]> http://www.proactiveinvestors.com.au/companies/news/155095/millennium-minerals-draws-closer-to-first-gold-pour-from-nullagine--33597.html Millennium Minerals (ASX: MOY) remains on track to start first gold pour from its Nullagine Gold Project in Western Australia late this month with the SAG mill now operating in steady state at design capacity.

The SAG mill had started commenced hot commissioning on ore on 15 September with first ore fed into the SAG mill over the weekend and was progressively loaded up with ore and grinding media over the last few days.

Pre-commissioning and dry commissioning has also been completed through the facility due to excellent progress on the final piping, electrical and instrumentation elements of the plant and supporting infrastructure.

Completion of construction has been on time and is forecast to be in line with the A$87 million capital budget.

Millennium has also received final reagent supplies of cyanide, gas and lime.

Nullagine gold production

Production for Nullagine is planned for an average rate of 72,000 ounces of gold per annum at a site cash cost of $756 per ounce.

Project metrics include an internal rate of return of 40% and revenue of $773 million over the 7.5 year mine life.

Nullagine hosts a 1.33 million ounce gold resource contained within seven deposits on granted mining leases.

The largest deposit is Golden Eagle, which contains 62% of the total Resource inventory.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Wed, 19 Sep 2012 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155095/millennium-minerals-draws-closer-to-first-gold-pour-from-nullagine--33597.html
<![CDATA[News - Millennium Minerals to discuss near term Nullagine gold production in Sydney at One2One Forum ]]> http://www.proactiveinvestors.com.au/companies/news/155092/millennium-minerals-to-discuss-near-term-nullagine-gold-production-in-sydney-at-one2one-forum-30940.html Millennium Minerals (ASX: MOY) is on track for the first commercial gold production from the Nullagine Project in Western Australia in the December quarter of 2012, with a target production rate of 100,000 ounces annually for eight years or better.

***CLICK HERE TO REGISTER***

This could deliver gross revenue of about A$160 million per annum at current gold prices, which currently stands at over US$1600 per ounce.

Construction of the plant and associated infrastructure is on schedule and within the capital cost estimate of $87.6 million as of mid-June 2012.

The Nullagine Gold Project hosts 1.33 million gold ounces contained within seven deposits on granted mining leases. Golden Eagle is the biggest deposit, hosting almost two thirds of the resource.


EVENT DETAILS

The event will be held on Wednesday 18th July, 2012 at the Radisson Blu Hotel - Corner Pitt & O'Connell Street, Sydney from 5:15pm (for a 5:30pm start).

The presentations will be followed by a Wine & Canape Reception allowing you to personally interact with presenting MD's &CEOs.

While the event is FREE to attend, registrations are essential.

EARLY BIRD DOOR PRIZE: If you arrive by 5:15pm and register for the event – you qualify for the Special Door Prize of a HD James Bond Spy Pen Digital Video Camera & Recorder.

LUCKY DOOR PRIZES: All attendees instantly go into the draw to win 1 of 3 lucky door prizes drawn on the night of a $100 Radisson Blu Hotel Voucher, $100 STA Travel Voucher or a $100 Ticketek Voucher.

FULL PRESENTER LIST

Millennium Minerals (ASX:MOY)

Millennium Minerals (ASX: MOY) is on track for the first commercial gold production from the Nullagine Project in the December quarter of 2012, with a target production rate of 100,000 ounces annually for eight years or better.

Benitec Biopharma (ASX:BLT)

Benitec Biopharma (ASX: BLT) is developing a range of human therapeutics for major life threatening conditions (infectious disease, cancer, genetic disease) all based on ddRNAi (DNA-directed RNA interference),  a unique platform technology for long-term silencing of disease-causing genes.
Thor Mining (ASX / AIM:THR)

Thor Mining (ASX: THR, AIM: THR) recently delivered DFS for the Molyhil tungsten and molybdenum project which identified 'attractive financial returns', and with a large magnetic target identified below the known resource, there is the potential for a larger resource and a boost to economics.

Predictive Discovery (ASX:PDI)

Predictive Discovery (ASX: PDI) is currently advancing a maiden JORC Resource in Burkina Faso, where the company enjoys a large strategic ground position with two projects known as Bangaba and Bonsiega. Predictive is also supported by strong institutional support.

Hill End Gold (ASX:HEG)

Hill End Gold (ASX: HEG) is a gold explorer with a focus on becoming a mid-tier gold producer based on its two flagship projects at Hill End and Hargraves in the historically gold-rich Lachlan Fold Belt in central New South Wales.

Blackham Resources (ASX:BLK)

Blackham Resources (ASX: BLK) has some strategically well positioned projects in the gold rich Wiluna region of Western Australia, which are within close proximity to existing production facilities. The company is targeting a one million gold ounce bounty in the short term.


Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Wed, 11 Jul 2012 09:54:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155092/millennium-minerals-to-discuss-near-term-nullagine-gold-production-in-sydney-at-one2one-forum-30940.html
<![CDATA[News - Millennium Minerals' transition to gold producer at Nullagine remains on schedule ]]> http://www.proactiveinvestors.com.au/companies/news/155090/millennium-minerals-transition-to-gold-producer-at-nullagine-remains-on-schedule-27803.html Millennium Minerals (ASX: MOY) is on track to begin the commissioning of the gold process plant at its Nullagine Gold Project in Western Australia in the September quarter of 2012.

Construction of the plant is on schedule and within the capital cost estimate of $87.6 million as of the end of March.

The structural steelwork fabrication is nearing completion with first deliveries to the site having begun in early March.

The plate-work fabrication is also nearing completion with the run of mine bin delivery due at the end of April.

SAG mill concrete plinth foundations are due to be poured this month in readiness for the erection of the SAG mill in early May.

The structural, mechanical and plate-work contract began early March and is well underway with steel erection started in the crushed ore reclaim tunnel, the thickener, the gold room and the crusher areas.

The two remaining key contracts, piping and electrical supply and installation, have been awarded and are due to begin shortly.

Millennium is planning to source the material for the establishment of the run of mine pad, tailings storage facility and haul roads from the proposed Golden Eagle pit area.

The company has mobilised a 40 tonne articulated fleet and a larger 100 tonne fleet to undertake the proposed works.

Western Plant Hire have been contracted to supply and maintain the fleets.

Initial clearing, grubbing and topsoil stockpiling, as well as haul road construction, began earlier this month.

Grade control drilling also began in early April and is expected to be completed by the end of the month.


Production expansion

Last month Millennium secured A$16.6 million in funding to allow the company to assess a medium term production expansion at Nullagine, which already hosts a Reserve of 741,000 gold ounces.

Millennium estimates that the optimal scale of the Nullagine operations most likely falls within a rate of between 2 and 3 million tonnes annually, which is much higher than the current 1.5 million tonne annual capacity.
 
The production base target will be 100,000 gold ounces annually over a mine life of eight years or better.

The Nullagine Gold Project hosts 1.33 million gold ounces contained within seven deposits on granted mining leases. Golden Eagle is the biggest deposit, hosting almost two thirds of the resource.

 

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Wed, 18 Apr 2012 15:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155090/millennium-minerals-transition-to-gold-producer-at-nullagine-remains-on-schedule-27803.html
<![CDATA[News - Millennium Minerals looks toward Reserve estimate at Nullagine gold project ]]> http://www.proactiveinvestors.com.au/companies/news/155086/millennium-minerals-looks-toward-reserve-estimate-at-nullagine-gold-project-20541.html Millennium Minerals (ASX: MOY) continues to tap the potential of the Nullagine gold project in Western Australia, which already hosts 1.25 million gold ounces.

The latest gold discoveries from reverse circulation drilling are located at the All Nations and Barton deposits, which bolster the resource expansion potential - due to the intersections located immediately under the current pit design.

Mineral resource modelling is currently underway incorporating the latest data, and earlier drill results from Golden Eagle, Shearers and Otways deposits.

This all adds up to a highly anticipated ore reserve estimation post the modelling, which Millennium said should be completed in late November.

Another major plus for the operations at Nullagine, is that on-site construction is well underway with first gold production due in the September quarter of 2012.

 

All Nations - gold strikes

Highlights at All Nations include 15 metres at 4.62 grams per tonne (g/t) gold from 41 metres, 29 metres at 2.19g/t gold from 1 metre; and 21 metres at 2.29g/t gold from 20 metres.

All Nations already hosts 58,000 gold ounces, and is strategically located just 24 kilometres to the northeast of the proposed 1.5 Mt per annum CIL gold processing facility at Golden Eagle - allowing for relatively low cost transportation of ore.

Since the last resource at the project, another 2700 metres of reverse circulation drilling has been completed, with the new results providing a strong impetus for additional follow up drilling, and potential resource upside.

Millennium said the results are very encouraging, indicating a substantial, moderate grade, flat lying zone of mineralisation that lies within, and continues immediately below, the proposed All Nations pit design.

New mineral resource and ore reserve estimates are to be completed in the next 2 months.



Bartons - gold strikes

Not to be outdone, the Bartons deposit has also delivered some positive gold strikes for Millennium, and is located about 7 kilometres from All Nations, and 17 kilometres from Golden Eagle.

Highlights at Bartons include 10 metres at 9.62g/t gold from 38 metres, and 8 metres at 5.52g/t gold from 62 metres.

Bartons already hosts 125,000 gold ounces, with 2600 metres of reverse circulation drilling since the last estimate - which bodes well for the company when a resource update is undertaken.



The significance of Golden Eagle
 
Golden Eagle already hosts the majority (around 70%) of the gold resource attributable to Nullagine, and earlier in the year Millennium through a strategic joint venture boosted the company's footprint around the deposit.
 
If new exploration confirms an extension to this mineralised corridor within the new tenements, then Millennium has the potential to significantly increase the company's gold inventory.
 
The joint venture with the Creasy Group covers the Mosquito Creek Formation, providing Millennium with an immediate 70% interest in the tenements.
 
Consideration for the joint venture will see Millennium issue Creasy just over 8 million shares for the stake, with Millennium sole funding all required expenditure.
 
Creasy is not required to provide funding until the completion of a Bankable Feasibility Study and a decision to mine.



The project design
 
Millennium has indicated that a 14 month construction period is required for the 1.5 million tonne per annum gold processing plant, 145 person accommodation village and associated infrastructure at an estimated capital cost of $73 million - before contingencies.
 
Being supported by the current very strong gold price, the planned mine life is 7.5 years to produce 505,000 gold ounces.
 
Under the current mine plan, peak gold production in the early years will be annually around 80,000 ounces.
 
Millennium has also provided for expansion in the process plant design and studies are in progress to assess the early achievement of increasing gold output from commencement of commercial production.

 

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Mon, 10 Oct 2011 12:43:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155086/millennium-minerals-looks-toward-reserve-estimate-at-nullagine-gold-project-20541.html
<![CDATA[News - Millennium Minerals confirms potential open pit extension at 1.25m oz Nullagine ]]> http://www.proactiveinvestors.com.au/companies/news/155084/millennium-minerals-confirms-potential-open-pit-extension-at-125m-oz-nullagine-15936.html Millennium Minerals (ASX: MOY) infill and step out drilling at Golden Eagle confirm the on strike potential of the southwest zone 250 metres beyond the current pit design.

Near surface gold hits include:

- 5 metres at 6.8 grams per tonne (g/t) gold from 38 metres, including 2 metres at 16g/t gold;
- 22 metres at 1.23g/t gold from surface; and
- 16 metres at 1.13g/t gold from 46 metres.

Adding to the potential of the latest discoveries, Millennium said pending results may extend the southwest zone further.

The impact of this is the strong probability of increasing the Golden Eagle mineral resource which already hosts around 70% of the 1.25 million gold ounce Nullagine Gold Project, located in Western Australia.

Exploration has now been boosted with an additional 2000 metres of infill drilling planned, with Millennium extremely well funded after the recent A$23.2 million fully underwritten rights issue.

A recent ore study identified that Golden Eagle would have an initial mine life of 7 years at a milling throughput rate of 1.5 million tonnes per annum producing a nominal annual gold production output of 72,000 gold ounces.

Operating cash flow is forecast at $311 million, producing a projected internal rate of return of 45% and a net present value of $112 million.

The gross operating margin would be 44%. 

 

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Wed, 04 May 2011 10:37:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155084/millennium-minerals-confirms-potential-open-pit-extension-at-125m-oz-nullagine-15936.html
<![CDATA[News - Millennium Minerals drilling identifies potential to boost 1.24m oz gold Resource at Nullagine ]]> http://www.proactiveinvestors.com.au/companies/news/155082/millennium-minerals-drilling-identifies-potential-to-boost-124m-oz-gold-resource-at-nullagine--14632.html Emerging gold producer Millennium Minerals (ASX: MOY) has intercepted shallow oxide ore grades south of Shearers and southwest of Otways, indicating the potential of the deposits to increase the gold Mineral Resources in both areas.

Significant gold intercepts at Shearers include:

- 21 metres at 1.31 g/t Au from 36 metres;
- 20 metres at 2.09 g/t Au from 62 metres; and
- 13 metres at 1.89 g/t Au from 12 metres.

At Otways results include:

- 6 metres at 3.46 g/t Au from 28 metres;
- 4 metres at 3.37 g/t Au from 16 metres; and
- 4 metres at 2.11 g/t Au from 18 metres.

The results are the first from the 2011 reverse circulation (RC) drilling at the company’s 1.24 million ounce Nullagine Gold Project. Nullagine is contained within seven deposit locations on granted mining leases in the East Pilbara District of Western Australia. 

The holes were designed to infill and step out on 2010 RC drilling, in order to locate additional Mineral Resources at these deposits.

At Shearers, the results show potential to extend the mineralisation to the northwest and south of the current Ore Reserve. This strike extension was not previously recognised is significant.

At Otways there is potential to extend the mineralisation to the west‐southwest. Results are still awaited for the 26 RC holes completed to date at Golden Eagle.

The company plans follow up drilling shortly with a 10,000 metre RC drill program targeting these new discovery zones at both Shearers and Otways.

The program is aiming to increase the Mineral Resource at Shearers, leading to an increase in the Ore Reserve after further optimisation studies.

The 55 holes completed so far at Shearers, Otways and Golden Eagle are part of a total 30,000 metres of RC drilling planned for 2011.

On March 9 Millennium received full funding confidence to progress the Nullagine Gold Project after agreeing commercial terms for the $35 million project finance facilities with BNP Paribas.

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Mon, 14 Mar 2011 14:46:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155082/millennium-minerals-drilling-identifies-potential-to-boost-124m-oz-gold-resource-at-nullagine--14632.html
<![CDATA[News - Millennium Minerals to progress Nullagine after $35m facility finalised ]]> http://www.proactiveinvestors.com.au/companies/news/155080/millennium-minerals-to-progress-nullagine-after-35m-facility-finalised-14530.html Emerging gold producer Millennium Minerals (ASX: MOY) now has full funding confidence to progress the 1.25 million ounce Nullagine Gold Project after agreeing commercial terms for the $35 million project finance facilities with BNP Paribas.

The green fields Nullagine project offers the company a significant opportunity to develop a multiple deposit, open pit based operation, forecast to mine 7.98 Mt over 7 years.

The largest deposit is Golden Eagle located 10 kilometres south of the township of Nullagine and containing 70% of the total Mineral Resource inventory.

BNP Paribas, acting as lead arranger and underwriter, has advised Millennium that National Australia Bank (ASX: NAB) has elected to participate in the facilities with BNP.

Drawdown of funds is subject to a number of conditions including spending the necessary equity on mine development and construction.

 

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Wed, 09 Mar 2011 11:03:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155080/millennium-minerals-to-progress-nullagine-after-35m-facility-finalised-14530.html
<![CDATA[News - Millennium Minerals hits near surface high grade gold at 1.25m oz Nullagine ]]> http://www.proactiveinvestors.com.au/companies/news/155077/millennium-minerals-hits-near-surface-high-grade-gold-at-125m-oz-nullagine-14350.html Millennium Minerals (ASX: MOY) final assays from core drilling at the 1.25 million ounce Nullagine Gold Project didn't disappoint, with some wide near surface high grade hits.

Highlights included:

- 11 metres at 8.08 grams per tonne (g/t) gold from 50 metres, including 4 metres at 11g/t gold;
- 7 metres at 8.12g/t gold from 32 metres, including 3 metres at 17g/t gold; and
- 9 metres at 5.28g/t gold from 2 metres, including 2 metres at 11g/t gold.

Importantly, the density data shows previous values used in Mineral Resource estimates are conservative.

The program was designed to provide drill core to continue the flow sheet optimisation testwork started in 2010.

This includes variability and gravity testwork ahead of completing detailed engineering design for construction.

The holes were designed to twin reverse circulation holes previously drilled, with the results confirming high grade zones are common within the proposed pit design envelopes, while demonstrating improved grades and widths.

The earlier flowsheet optimisation testwork pointed to higher gold recoveries than those assumed to date and this core testing will complete the exercise across the remaining deposits.

The major outcome is the potential for an upward revision in total gold recovery.

Auralia Mining Consulting was commissioned to conduct the Ore Reserve study at Nullagine, and under the revised model, forecast recovered ounces increased by 25% to 505,000 ounces.

The initial mine life was unchanged at 7 years at a milling throughput rate of 1.5 million tonnes per annum producing a nominal annual gold production output of 72,000 ounces.

Forecast operating cash flow (EBITDA) is $311 million, producing a projected Internal Rate of Return (IRR) of 45% and a Net Present Value (NPV) of $112 million.

Gross operating margin would be 44%, with average cash (C1) costs of A$739 an ounce.

Millennium continues to be well funded, with a fully underwritten $23.2 million rights issue currently open.

 

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Wed, 02 Mar 2011 12:53:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155077/millennium-minerals-hits-near-surface-high-grade-gold-at-125m-oz-nullagine-14350.html
<![CDATA[News - Millennium Minerals granted temporary suspension by ASX pending announcement ]]> http://www.proactiveinvestors.com.au/companies/news/155074/millennium-minerals-granted-temporary-suspension-by-asx-pending-announcement-13979.html Millennium Minerals (ASX: MOY) has been granted a change in status to suspended from trading halt, by the ASX pending an announcement by the company.

The trading halt was originally granted pending an announcement regarding the company's 'future financing arrangements.'

Millennium has not yet indicated if this will be a capital raising, or a different type of financial arrangement.

The company though has recently had some very successful high grade near surface gold hits at the Nullagine gold project.

Just last week Millennium announced intersections including; 16 metres at 4.08 grams per tonne (g/t) gold from 12 metres, including 2 metres at 23g/t gold, 1 metre at 94g/t gold, and 1 metre at 24g/t gold from 64 metres.

 

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Wed, 16 Feb 2011 10:31:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155074/millennium-minerals-granted-temporary-suspension-by-asx-pending-announcement-13979.html
<![CDATA[News - Millennium Minerals in trading halt pending 'future financing arrangements' ]]> http://www.proactiveinvestors.com.au/companies/news/155071/millennium-minerals-in-trading-halt-pending-future-financing-arrangements-13890.html Millennium Minerals (ASX: MOY) has been granted a trading halt by the ASX pending an announcement regarding the company's 'future financing arrangements.'

Millennium has not yet indicated if this will be a capital raising, or a different type of financial arrangement.

The company though has recently had some very successful high grade near surface gold hits at the Nullagine gold project.

Just last week Millennium announced intersections including; 16 metres at 4.08 grams per tonne (g/t) gold from 12 metres, including 2 metres at 23g/t gold, 1 metre at 94g/t gold, and 1 metre at 24g/t gold from 64 metres.

 

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Mon, 14 Feb 2011 08:08:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155071/millennium-minerals-in-trading-halt-pending-future-financing-arrangements-13890.html
<![CDATA[News - Millennium Minerals hits more high grade surface gold at Golden Eagle ]]> http://www.proactiveinvestors.com.au/companies/news/155070/millennium-minerals-hits-more-high-grade-surface-gold-at-golden-eagle-13764.html Millennium Minerals (ASX: MOY) has received results from a reverse circulation program to follow up significant intersections at Golden Eagle, part of the Nullagine Gold Project which indicates high grade zones are common within the current pit design.

New significant intercepts include:

- 16 metres at 4.08 grams per tonne (g/t) gold from 12 metres, including 2 metres at 23g/t gold;
- 4 metres at 25g/t gold from 42 metres, including 1 metre at 94g/t gold;
- 13 metres at 1.29g/t gold from 23 metres;
- 1 metre at 24g/t gold from 64 metres; and
- 1 metre at 16g/t gold from 20 metres.

Drilling was designed to twin previously drilled reverse circulation holes where significant mineralisation was found, and to provide drill core to continue flow sheet optimisation testwork and confirm density data.

The significance of the results is that they confirm high grade gold zones are common within the current pit design at Golden Eagle, which will help to increase future resources.

Work will also test for extensions outside the margins of current pit designs.

Millennium said that density data show values previously used in the mineral resource estimates were conservative.

Golden Eagle, part of the Nullagine Gold Project, is a 1.25 million gold ounce resource contained within 6 deposits located on granted mining leases.

In addition to the diamond core drilling program at Nullagine, a substantial reverse circulation program is also underway to follow-up on 2010 results, and to test for extensions outside of the current pit designs.

Golden Eagle contains 63% of the total gold inventory, and from a recent ore reserve study boosted stage 1 mining ore tonnage by 30% to; 10.45 million tonnes at 1.7g/t gold containing 568,000 gold ounces.

Under the revised model, the forecast increased by 25% to 505,000 gold ounces.

Initial mine life was unchanged at 7 years at a milling throughput rate of 1.5 million tonnes per annum producing a nominal annual gold production output of 72,000 gold ounces.

Operating cash flow is forecast at $311 million, producing a projected internal rate of return of 45% and a net present value of $112 million.

The gross operating margin would be 44%.  

The plant layout adopted will provide for future expansion given the high potential for additional mineral resource in and around the existing deposits.

Millennium is looking to build on current resources during the construction phase as part of its objective of targeting 100,000 ounces of annual gold production and a minimum mine life of ten years.

Therefore Millennium will continue to drill in and around the existing deposits to target additional ore reserve potential, identified from exploration work in 2010.

 

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Tue, 08 Feb 2011 14:49:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155070/millennium-minerals-hits-more-high-grade-surface-gold-at-golden-eagle-13764.html
<![CDATA[News - Millennium Minerals undervalued on updated metrics for Nullagine Gold project ]]> http://www.proactiveinvestors.com.au/companies/news/155069/millennium-minerals-undervalued-on-updated-metrics-for-nullagine-gold-project-12956.html The metrics for Millennium Minerals' (ASX: MOY) Nullagine Gold Project have been significantly boosted by incorporating the recently announced ore reserve upgrade and subsequent ore mining schedule into the financial model.

Auralia Mining Consulting was commissioned to conduct the Ore Reserve study at the Nullagine Gold project. 

The Nullagine Gold Project is a 1.25 million ounce gold resource contained within 6 deposits located on granted mining leases.

The largest deposit is Golden Eagle located 10 km south of the township of Nullagine and contains 63% of the total Mineral Resource gold inventory.

The changes from the ore reserve study have  boosted stage 1 mining ore reserve tonnage by 30% to 10.45 million tonnes at 1.7 grams per tonne gold (Au) containing 568,000 ounces of gold.

Under the revised model, forecast recovered ounces increased by 25% to 505,000 ounces.  Initial mine life was unchanged at 7 years at a milling throughput rate of 1.5 million tonnes per annum producing a nominal annual gold production output of 72,000 ounces.

Forecast operating cash flow (EBITDA) is forecast at $311 million, producing a project Internal Rate of Return (IRR) of 45% and a Net Present Value (NPV) of $112M.

Gross operating margin would be 44%, with average cash (C1) costs of A$739 an ounce.

Labour costs were updated based on October 2010 mining industry remuneration surveys. Other design parameters for the study, such as pit slope angles, discount rates and milling throughput limits, were taken from the previously completed 2009 Feasibility Study.

A gold price of A$1,275 per ounce was used for pit optimisation purposes.

The company is finalising a higher throughput SAG mill design ahead of placing the mill order this month. The plant layout adopted will provide for future expansion given the high potential for additional mineral resource in and around the existing deposits.

Millennium is looking to build on current resources during the construction phase as part of its objective of targeting 100,000 ounces of annual gold production and a minimum mine life of ten years.

Hence Millennium will continue to drill in and around the existing deposits to target additional ore reserve potential, identified from exploration work in 2010.

BNP Paribas has recently been formally mandated as exclusive arranger and underwriter for the provision of the Construction, Cost Overrun, Performance Bond and Risk Management Facilities for the purposes of funding the construction and development of the Nullagine Gold Project.

Based on a number of valuation criteria, Millennium is significantly undervalued at current prices.

 

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Tue, 11 Jan 2011 13:31:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155069/millennium-minerals-undervalued-on-updated-metrics-for-nullagine-gold-project-12956.html
<![CDATA[News - Millennium Minerals boosts Nullagine reserve 25% to 567,800 gold ounces ]]> http://www.proactiveinvestors.com.au/companies/news/155067/millennium-minerals-boosts-nullagine-reserve-25-to-567800-gold-ounces--12099.html With a 101,000 boost in contained gold ounces from recent optimisation studies, the Millennium Minerals (ASX: MOY) Nullagine Gold Project in the East Pilbara District has increased forecast annual gold production by 14,000 ounces to 72,000 ounces, with the mine life remaining at seven years and producing 505,000 ounces.

The company re-estimated the projects ore reserve due to the recently announced mineral resource inventory increase to: 34.4Mt at 1.13 g/t gold using a 0.5 g/t gold cut-off grade for 1.247m ounces for the five project areas, and due to the increasing gold price and the upward pressure on operating costs generally.

The project consists of five main deposit areas; Golden Eagle, All Nations, Barton, Golden Gate and Shearers, with Golden Eagle being the biggest and main economic driver of the project.

Golden Eagle is located approximately 10 km south of the township of Nullagine, and contains 63% of the total gold resource inventory.

Millennium now plans to complete order specification and documentation for long lead items such as the SAG mill, camp and telecommunications infrastructure, with the earliest completion of the development phase currently targeting the first quarter of 2012.

Auralia Mining Consulting was commissioned to conduct the Ore Reserve study, with operating cost assumptions from recent preferred supplier tendering for mining fleet, drill and blast and consumables.

Labour costs were updated based on October 2010 remuneration surveys, with other design parameters for the study, such as pit slope angles, discount rates and milling limits, taken from the previously completed 2009 feasibility study.

A gold price of A$1,275 per gold ounce was used for pit the optimisation.

 

Article highlight:

With a gold production boost forecast to reach 72,000 annually at the Nullagine Gold Project, Millennium will have an increase in short term cash flows to help fund the planned development phase.

 

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Mon, 29 Nov 2010 16:23:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155067/millennium-minerals-boosts-nullagine-reserve-25-to-567800-gold-ounces--12099.html
<![CDATA[News - Millennium Minerals to raise $2.7 million in private placement ]]> http://www.proactiveinvestors.com.au/companies/news/155065/millennium-minerals-to-raise-27-million-in-private-placement-3376.html Millennium Minerals (ASX: MOY) plans to raise 2.7 million to advance its Nullagine gold project in the East Pilbara region of Western Australia to development.

The company placed 60,777,590 shares to sophisticated investors through a private placement at 4.5 cents per share, raising the sum of $2,734,992.

Millenium owns the 630km2 Nullagine gold project in the Eastern Pilbara Province of Western Australia. The gold project has been the subject of an updated feasibility study, the results of which were announced to the market on 19 October 2009.

It also advised that it had resolved to proceed with a pro rata non‐renounceable Rights Issue of one (1) for every four (4) shares held at the issue price of 4.5 cents per share, being the same price as the placement completed today through the lead manager BGF Equities.

The intended Rights Issue is expected to result in the issue of 116,490,381 new shares in the company and will raise an estimated $5,242,067 if the issue is fully subscribed.

Funds raised by the private placement and the intended Rights Issue will be applied towards going ahead with budgeted exploration drilling at the Nullagine gold project to test the potential for depth and strike extensions to existing deposits and to convert additional Inferred resources to the Indicated category.

The company will also undertake first pass drill evaluation of the large adjacent Golden Eagle south west prospect to assess the resource potential and heap leach amenability; establishing a contractual base for engineering and construction of the process plant and infrastructure; tendering mining equipment, drill and blast, camp catering and reagent supply contracts; recruitment and working capital purposes.

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Thu, 19 Nov 2009 11:51:00 +1100 http://www.proactiveinvestors.com.au/companies/news/155065/millennium-minerals-to-raise-27-million-in-private-placement-3376.html
<![CDATA[News - Millennium Minerals believes Nullagine Gold Project in the Pilbara is now more compelling ]]> http://www.proactiveinvestors.com.au/companies/news/155064/millennium-minerals-believes-nullagine-gold-project-in-the-pilbara-is-now-more-compelling-2038.html Millennium Minerals (ASX: MOY) has dusted off a a detailed feasibility study completed in 2007 on its 100% owned Nullagine Gold Project, located south east of Port Hedland in the East Pilbara District of Western Australia.

In light of the significant improvement in the Australian dollar denominated gold price, the project economics at Nullagine have improved. 

Millennium will now update the project economics using current prices, and believes that the development of Nullagine is now more compelling.

The Nullagine Gold Project is a 1.1 million ounce open pittable gold mineral resource that was subject to a detailed feasibility study completed in early 2006 and revised in early 2007. It was contained within 5 deposits on granted mining leases.

The largest deposit is Golden Eagle located approximately 10 km south of the township of Nullagine and contains 69% of the total Mineral Resource inventory.

Much of the permitting and design work for a 1 million tonne per annum Carbon-In-Leach (CIL) processing facility has been completed providing for an early start to development when a decision to mine is made.

The Company has re-examined the basic economics of the Project in light of the improvement in the Australian dollar denominated gold price. The current Mineral Resource estimate for the five project areas now totals 27.63 Mt @ 1.23 g/t Au using a 0.5 g/t Au lower cut-off grade for approximately 1.1 million ounces of contained gold.

The Company has re-scoped the 2007 base case feasibility study which indicates the potential for an 8-10 year operation milling 1 Mt annually through a CIL processing plant. The scoping study was based on a series of pit optimisations of the five deposits.

The spot gold price used for the study was US$900/oz and operating cost inputs were internally updated from the 2007 feasibility study base numbers with the US$/A$ exchange rate set at 0.7.

The overall mineral resource is expected to increase when the mineral resource estimates are finalised shortly for the Golden Gate satellite deposits, namely Falcon, Condor, Crow, Harrier and G Vein.

A total of 22.16 Mt at 1.26 g/t Au is contained within the Measured and Indicated Mineral Resource categories. This represents approximately 80% of the total Mineral Resource for the Nullagine Gold Project.

In parallel with this study, the potential for heap leaching the medium to low-grade material will be assessed. The scoping study showed that were this material able to be processed the overall waste to ore stripping ratio of the project could be significantly reduced (under 2:1).

Key work to be completed on the base case includes updating mining and processing operating costs inputs and development capital to provide the basis for Ore Reserve definition and project financing.

An independent review of the process design is in progress and will be combined with assessment of the availability of process plant equipment. The Company is targeting process equipment and plant that process equipment and plant that is available now to set in place rapid development for when the decision to mine is made.

Results of these studies will completed in August 2009.

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Tue, 21 Jul 2009 12:05:00 +1000 http://www.proactiveinvestors.com.au/companies/news/155064/millennium-minerals-believes-nullagine-gold-project-in-the-pilbara-is-now-more-compelling-2038.html